Carbon emissions close to record price ahead of EU Summit

The price of European Union carbon emissions hit 30 euros a metric ton for the second time this week as traders prepare for stricter measures from the bloc to address climate change.

Breaching the 30-euro mark is seen as a key trigger that could usher in a new era for the pollution market, as Europe looks to speed up its decarbonization plans and reach net zero by 2050. Next week the EU leaders will gather for a summit to potentially agree an emissions plan that could push carbon through a 14 year high.

Carbon has hit this price range twice before this year, in July and September, before falling back down. Each time the surge has been driven by market expectations about the EU’s climate plans.